国瓷材料(300285)：多领域拓展 新材料前景可观

Core Viewpoint - The company reported a revenue of 2.15 billion RMB for H1 2025, reflecting a year-on-year increase of 10.3%, with a net profit of 330 million RMB, showing a slight increase of 0.4% [1] Financial Performance - H1 2025 revenue reached 2.15 billion RMB, with a net profit of 330 million RMB and a net profit excluding non-recurring items of 320 million RMB, marking increases of 10.3%, 0.4%, and 4.1% respectively year-on-year [1] - Q2 2025 revenue was 1.18 billion RMB, showing a year-on-year increase of 4.7% and a quarter-on-quarter increase of 21.0%, with a net profit of 200 million RMB, reflecting a year-on-year decrease of 0.6% but a quarter-on-quarter increase of 44.3% [1] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials, with applications across various industries including electronics, automotive, and healthcare [2] - Electronic materials revenue for H1 2025 was 340 million RMB, up 23.65% year-on-year, driven by demand recovery in consumer electronics and growth in automotive electronics and AI servers [3] - Catalytic materials generated 460 million RMB in revenue for H1 2025, a year-on-year increase of 12.34%, supported by deepening collaborations with commercial vehicle clients [3] - Biomedical materials revenue was 440 million RMB, showing a slight decline of 0.11% year-on-year, while new energy materials revenue reached 220 million RMB, up 26.36% year-on-year [3] Research and Development - The company maintains high R&D investment, with a R&D expense ratio of 6.1%, down 0.4 percentage points year-on-year [4] - Recent developments include breakthroughs in high-frequency copper-clad laminates and advanced display materials, with several products achieving international standards [4] - The company is focusing on solid-state battery technology and has established a specialized R&D team to enhance product development and customer validation efficiency [3][4] Future Outlook - The company projects net profits of 670 million RMB, 820 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]